2018 Wine Market Report

Transcription

1 Wine Market Report RETAIL & AUCTION Analysis by Yassmin Dever Published by Sotheby s Wine Advisory Services AUCTION RETAIL ADVISORY New York Hong Kong London SOTHEBY S, INC. LICENSE NO SOTHEBY S, INC. 2019

2 A Record-Breaking Year Wine and Spirits sales exceed $100 million Since 1995, Sotheby s has achieved over $1.1 billion sales surge over 50% New Initiatives in for first time in wine sales worldwide Largest Single Owner sale in Asia The Philanthropist s Cellar $16 million Wine Advisory Services Providing expert advice on building, refining and managing wine collections to clients of all experience levels. Instant Cellars #1 Worldwide in live sales #1 Asia in sales Sotheby s Wine has highest sales ever in both Asia and New York World s most expensive bottle of wine 1 Bottle of Romanée-Conti 1945 sold at in New York for $558,000 A one-click service that delivers a specially-curated selection of wines overnight. Moutai Sales First western auction house to sell Moutai outside of China. We are working on a number of exciting new initiatives which will expand our range of services in Highest for any spirit sold at in North America 1 Bottle of The Macallan Year-Old Sir Peter Blake Label sold at in New York for $843,200 The largest single transaction at 7 Methuselahs of Domaine de la Romanée-Conti 2005 sold at in Hong Kong for US $1.5 Million

3 Results Global Wine s sales surged over 50% worldwide auction sales In, we sold 8% fewer lots while achieving a 54% increase in sales, driving a massive 67% increase in our value to $7,148. Hong Kong more than doubled sales making up more than half of the New York 29% London 18% Sale Location: new york Sale Location: london worldwide total. 14% decrease 17% decrease 3 of bidders were new to Sotheby s, contributing to increased competition for each lot. hong kong 53% 5,519 lots $4,158 4,724 lots $6,023 45% Increase 5,481 lots $2,989 3 Increase 4,526 lots $3,934 6 of lots sold above their high estimates. = 1,000 lots Sale Location: hong kong Sale Location: worldwide $98 Million 3,913 lots 15% Increase 4,481 lots 14,913 lots 8% decrease 13,731 lots $6,262 85% Increase $11,580 $4,280 67% Increase $7,148 Sotheby s held 28 auctions with an average sale value of $3.5M, up from 21 sales in the prior year and average sale $98M $100M Bidding Methods for each Sale Location value of $3.0M. Total sales # of sales Average sale value $74M $64M $65M $60M $58M $2.4M $3.0M $2.3M $2.7M $3.0M $3.5M $75M $50M $25M 0 SALES TOTALS Bidding methods worldwide Bidding methods worldwide were generally unchanged compared to. Absentee/phone bidding is still the most prevalent method of bidding worldwide. In London, Absentee and Online bidding are most popular, while Sale Room participation is highest in Hong Kong. 60% 50% 40% 30% 20% 10% 0% 67% 58% 58% New York london hong kong 29% 27% 23% 19% 13% 6% ABSENTEE 6 ONLINE 2 SALE ROOM 18% 5 ANNUAL WINE MARKET REPORT 6

4 The Market Leaders in Single Owner Sales Sotheby s most valuable Single Owner sales: 1 2 The Classic Cellar of an American Collector $52 Million The Cellar of William I. Koch 2016 $22 Million Sotheby s sells the greatest wine Single Owner sales Collectors continue to ascribe greater value to condition and provenance and Sotheby s series of Single Owner sales showcase the best of the world s wine collections. Number of Single Owner sales nearly doubled to 13, totalling $56M with an average sale value of $4.2M. Results Sotheby s Wine increased sales in its business, in both locations. Hong Kong sales increased by nearly 30% A record high was set for a single transaction at Sotheby s Wine with the sale of 7 Methuselahs of Domaine de la Romanée- Conti 2005 for $1.5 million in Hong Kong Average bottle was $209, representing a 10% increase from $190 in The Don Stott Cellar: 50 Years of Collecting I III 2015 $19 Million The Philanthropist s Cellar $16 Million The Millennium Wine Cellar 1999 $14 Million The Ultimate Cellar 2011 $12 Million The Cellar from the Estate of Jerry Perenchio $12 Million $100M $75M Since 2009, Sotheby s has conducted 67 Single Owner wine auctions which have collectively sold for $281M, making us the auction house with the highest totals by both volume and value. single owner and various owner sales Various Owner Single Owner $37M $42M Bottles sold range in from $13.95 to $703,000 Sales of Sotheby s Champagne increased over 10% New York location awarded the gold medal on Wine-Searcher s annual ers List, distinguished not only for having the best selection of French and European wines, but also the best overall list of wines throughout New York City The Bordeaux Collection from SK Networks 2010 $10 Million A Monumental Collection from the Cellars of a Connoisseur I III $9 Million Lafite Ex Cellars 2010 $8 Million Sales totals $50M $25M 0 $54M $38M $34M $41M $56M $36M $26M $23M $20M $12M ANNUAL WINE MARKET REPORT ANNUAL WINE MARKET REPORT 8

5 Wine Sales & Bottle Prices by Category auction and retail Average bottle BORDEAUX & BURGUNDY AS % OF total sales since 2013 Bordeaux recouped some losses in its share of sales, increasing to 46% of At, average bottle s for both 70% bordeaux burgundy Burgundy and Bordeaux appreciated by $804 $1,700 $489 $339 $418 $191 $399 $95 $100 $95 Bordeaux Burgundy Champagne Italy 65% and 63% respectively. 60% Rhone 60% Burgundy continued to be the prime focus of the market, reaching its highest 5 50% share level at 4. 46% 46% These results demonstrate the increased demand for all vintages of Burgundy, while the greatest demand for Bordeaux has been 40% 40% 4 34% 30% $336 $9,796 $279 $248 $977 Buyers are paying top s for Burgundy largely with the intention of consuming the $64 $1,813 $171 $40 $209 wines, not for investment. Spain Spirits United States Rest of the World TOTAL 39% 40% focused on mature vintages. 40% in. 6 At, Burgundy s increased by 5 while Bordeaux remained flat. worldwide sales in after dipping to 26% 26% % burgundy bordeaux percent of sales champagne Share of burgundy sales by buyer region rhone Both Bordeaux and Burgundy gained share at the expense of other categories, accounting for 88% of our worldwide sales, Burgundy up from 80% in. Bordeaux Italy 46% 40% 4% 6% % spain 0% 4% united states rest of the 24% 18% 4% ANNUAL WINE MARKET REPORT % world Asian and North American buyers are driving increased demand for Burgundy spirits 70% % 80 0 ASIA NORTH AMERICA EUROPE LATIN AMERICA 10

6 Top Producers auction and retail Producer Rankings Domaine de la Romanée-Conti retained the No. 1 ranking for the 6 th consecutive year Sales of almost $24M, greater than Pétrus, Lafite and Latour combined, comprising a staggering 2 of our worldwide sales. Rankings 1 Domaine de la Romané-Conti $12M / 16% $24M / 2 BORDEAUX Pétrus 1 2 BURGUNDY Domaine de la Romanée-Conti 1 1 CHAMPAGNE Krug Pétrus Lafite $4M / 5% $4M / 5% $8M / 8% $7M / 6% Lafite 2 1 Latour 3 4 Mouton Rothschild 4 3 Leroy 2 5 De Vogüé 3 6 Rousseau 4 2 Dom Pérignon 2 2 Salon 3 3 Louis Roederer Latour Mouton Rothschild Leroy Margaux $7M / 6% $3M / 4% $5M / 5% $3M / 4% $4M / 4% $1M / $4M / 3% $2M / 3% Margaux 5 6 Haut Brion 6 5 Cheval Blanc 7 7 Le Pin 8 14 La Mission Haut Brion 9 8 Lafleur Leflaive 5 8 Jayer 6 4 Liger-Belair 7 9 Drouhin 8 13 Dujac 9 10 Ponsot Bollinger 5 8 Sotheby s 6 5 Taittinger 7 15 Pol Roger 8 6 Piper Heidsieck 9 27 Ruinart Haut Brion $3M / 3% $3M / 4% 9 The Macallan $3M / $3M / 4% 10 Cheval Blanc $2M / $2M / Price performance OF top producers RANKINGS AVERAGE BOTTLE PRICE AGGREGATE AS % TO AUCTION EST TOP PRODUCERS CHANGE % TO LOW EST % TO HIGH EST 1 1 Domaine de la Romané-Conti $ 8,813 $ 4,713 87% 287% 203% ITALY Sassicaia 1 3 RHONE Guigal 1 3 UNITED STATES Harlan Estate Pétrus $ 4,072 $ 3,069 33% 165% 12 Gaja 2 5 Jean-Louis Chave 2 2 Screaming Eagle Lafite $ 1,204 $ 1,045 15% 144% 105% Masseto 3 1 Paul Jaboulet Aîné 3 1 Opus One Latour $ 996 $ % 157% Mouton Rothschild $ 953 $ % 156% 114% Bruno Giacosa 4 6 Giacomo Conterno 5 8 Antinori 6 7 Rayas 4 5 Domaine du Pégau 5 7 Beaucastel 6 4 Colgin Cellars 4 4 Dominus 5 5 Bryant Family Leroy $ 2,033 $ 1, % 163% Biondi-Santi 7 2 Chapoutier 7 6 Heitz Cellars Margaux $ 710 $ % 150% Haut Brion $ 903 $ % 157% 113% Ornellaia 8 4 Soldera 9 11 Dal Forno Romano Henri Bonneau 8 8 Clos des Papes 9 12 Vieux Télégraphe Shafer 8 14 Joseph Phelps 9 11 Bond The Macallan $ 15,067 $ 11,876 27% 160% 98% Cheval Blanc $ 891 $ 973 (8%) 143% 105% 11 ANNUAL WINE MARKET REPORT 12

7 Buyers Worldwide auction and retail Geographic distribution of Sotheby s buyers Highest Prices Achieved RANKING PRICE WINE 1 $ 1,500,000 Domaine de la Romanée-Conti 2005 Assortment 7 Methuselahs sold in Hong Kong at 24% (+3%) 1 (-7%) 63% (+5%) 2 $ 843,200 3 $ 558,000 4 $ 496,000 The Macallan, 1926, 60 Years Old, Sir Peter Blake 1 Bottle sold in New York at Romanée-Conti, Domaine de la Romanée-Conti Bottle sold in New York at Romanée-Conti, Domaine de la Romanée-Conti Bottle sold in New York at (-) 5 $ 407,489 6 $ 407,489 Romanée-Conti, Domaine de la Romanée-Conti Bottles sold in Hong Kong at The Macallan in Lalique Set 6 Bottles sold in Hong Kong at 7 $ 376,144 Romanée-Conti, Domaine de la Romanée-Conti Bottles sold in Hong Kong at The importance of Asia 8 $ 313,453 Romanée-Conti, Domaine de la Romanée-Conti Bottles sold in Hong Kong at The resurgence in demand from Asia continues, with the share of worldwide sales climbing to 63% from 58% in, with Hong Kong, China and Taiwan being the most important markets. 9 $ 310, $ 298,879 1 Magnum Romanée-Conti, Domaine de la Romanée-Conti 1937* 1 Magnum sold in New York at The Yamazaki Single Malt Whisky Aged 50 Years NV 1 Bottle sold in Hong Kong at Geographic Distribution of Sotheby s Buyers Since 2013 *3 magnums of 1937 Romanée-Conti each sold for $310,000 70% 60% 50% 40% 30% 20% 10% 0 Asia North America Europe Latin America Hong Kong and the United States maintained the top 2 positions in our Buyer Rankings, making up almost 60% of our worldwide sales The continued strength in the market for Burgundy and Whisky is evident, as both categories exclusively dominated the ranking of highest s achieved. Hong Kong and New York shared the top sales, claiming 5 each. 7 of the top 10 s achieved were by Asian buyers. BUYER RANKINGS $39M $25M $12M $10M $7M $2M $2M $2M $1M $1M Hong Kong United States China Taiwan United Kingdom Thailand Denmark Indonesia Mexico Japan 13 ANNUAL WINE MARKET REPORT 14

8 Upcoming Events s & Consignment Deadlines DATE LOCATION TYPE DEADLINE Mar 9 New York Live - Mar 12 New York Online - Mar 20 London Live - Mar Hong Kong Live - Apr 1 Hong Kong Live - Apr 6 New York Live - Apr 17 London Live Mar 6 May 3 4 New York Live Mar 4 June 1 New York Online Apr 1 Jun 4 Hong Kong Live Apr 4 Jun 12 London Live May 1 Jul 10 London Live May 29 Other Events en primeur/futures schedule: vintage DATE Sept 6 New York Live Jul 1 Sept 18 London Live Aug 7 Apr 3 Apr 11 May 1 Jul 1 Sotheby s tasting in Bordeaux Anticipated Chateaux releases Sept 30 Hong Kong Live Jul 26 For more information visit: sothebys.com/futures Oct 1 Hong Kong Live Jul 27 Oct 16 London Live Sept 4 Oct New York Live - Nov 1 New York Online Sept 1 Nov 23 New York Live Sept 23 Dec 11 London Live Oct 30 Dates are subject to change. 16

9 23 Specialists Worldwide Sotheby s global team has a cumulative 387 years of experience in the fine wine industry, with an average of 17 years each. Serena Sutcliffe Honorary Chairman, Wine, 27 Years at Sotheby s James Reed Director, Specialist Sotheby s Wine, London 21 Years at Sotheby s Claire Collini Director, Specialist Sotheby s Wine, London 18 Years at Sotheby s Stephen Mould Senior Director, Head of Sotheby s Wine, Europe 38 Years at Sotheby s Damian Tilson Director, Specialist Sotheby s Wine, London 18 Years at Sotheby s Caroline Shepherd Deputy Director, Specialist Sotheby s Wine, London 16 Years at Sotheby s Frédéric Guyot du Repaire Director, Specialist Sotheby s Wine, London 13 Years at Sotheby s london +44(0) Jamie Ritchie Senior Vice President, Worldwide Head of Sotheby s Wine 28 Years at Sotheby s Julia Gilbert Vice President, Sotheby s Wine Advisory 13 Years in the Fine Wine Industry Adam Bilbey Director, Head of Sotheby s Wine, Asia 17 Years in the Fine Wine Industry Connor Kriegel Vice President, Head of Sales, 8 Years at Sotheby s Yassmin Dever Associate Wine Advisor, 3 Years in the Fine Wine Industry Robert Sleigh Managing Director, Operations, Sotheby s Wine, Hong Kong 22 Years at Sotheby s Paul Tortora Vice President, Senior Specialist, 10 Years in the Fine Wine Industry Richard Young Vice President, Senior Specialist, 8 Years in the Fine Wine Industry new york Advisory Pierre-Antoine Bollet Assistant Vice President Sales Director 10 Years in the Fine Wine Industry Victor Rabot Assistant Vice President, Fine Wine Buyer, 7 Years in the Fine Wine Industry Sara Sparks Sales, Americas 5 Years in the Fine Wine Industry Michelle Chan Director, Senior Specialist, Sotheby s Wine, Hong Kong 8 Years at Sotheby s Paul Wong Deputy Director, Specialist, Sotheby s Wine, Hong Kong 7 Years at Sotheby s Kent Law Specialist, Sotheby s Wine, Hong Kong 4 Years in the Fine Wine Industry Vivian Liang Sales Manager, Asia 4 Years in the Fine Wine Industry hong kong Lucien Michel Sales, Asia 4 Years in the Fine Wine Industry 17 ANNUAL WINE MARKET REPORT 18

10 The Sotheby s Fine Wine Ecosystem At in New York and Hong Kong. Buy At in New York, Hong Kong and London. Wine Advisory Services for: Clients interested in building new, entirely personalized wine collections. Clients in need of refining and managing existing collections. Cellar Management Services, including physical inventories, inspections, and valuations. Access to Sotheby s Wine Virtual Collection Management platform. Advice on where and how to store your wine. We have the trust and respect of the worldwide wine collecting community due to our reputation for selling authentic wines in excellent condition. get advice sell In New York, London, and Hong Kong, we offer consigments for auction, or direct purchase by our retail business in New York and Hong Kong. We make selling wine easy, we provide: A free evaluation of your wines. A proposal of how to maximize the value of your collection, whether at auction or direct purchase. We arrange the inspection, packing and shipping to our temperature controlled warehouse. Competitive financial terms. Prompt payment. Professional service from a trusted publicly traded company. 20